The Volkswagen Group’s responsible approach to dealing with risks is supported by a comprehensive Risk Management System and Internal Control System (RMS/ICS). The organisational structure of Volkswagen Group’s RMS/ICS is based on the internationally recognised COSO Enterprise Risk Management Framework standard (COSO: Committee of Sponsoring Organizations of the Treadway Commission). Standardised Group-wide policies form the basis for a transparent and adequate approach to handling risks. This includes:
- Integrity, corporate values and compliance are especially important
- Risks are to be dealt with actively and openly
- The RMS/ICS is aligned to the goals
- Risk are to be taken deliberately and managed appropriately
- RMS and ICS must be effective
The Group’s Risk Management and the Internal Control System are based on three pillars: In addition to the annual regular Governance, Risk & Compliance (GRC) process, with its focus on systemic risks, and the risk quarterly process, which concentrates on acute risks, we are introducing operative risk management in the individual divisions.